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Greece sends additional Reforms Proposals to Brussels

The Greek government sent additional reforms proposals to creditors in Brussels this morning. A source from EU told AFP that the creditors are “now in the process of studying… counterproposals’ submitted today. No details about the content of the 3-page draft have been made known. It seems that the Greek negotiations team under deputy FM Euclid Tsakalotos handed out the plan to EC Commissioner Pierre Moscovici on Monday afternoon/evening and that it reached the Institutions Tuesday morning. (not that it matters…)

The proposals reach EU and IMF, one day before the EU Leaders Summit in Brussels, where Prime minister Alexis Tsipras is supposed to have a discussion with German Chancellor Angela Merkel and French President Francois Hollande at the sideline of the summit. There were signals that if no progress in the sense of new proposals, there would be no need for the three to meet.

Last week the Greek government sent a 47-page reforms proposals but the creditors found them as inefficient. Two days later, European Commissioner Jean-Claude Juncker handed out to Tsipras a 5-page draft with creditors’ proposals which the Greek side found that some of them were incredible.

Phone calls and skype conferences followed, but the two sides did not come closer to agreement, the much awaited “Greek deal” that will apparently save the country from sealed economic collapse but impose further austerity to the economically drained Greeks.

However, the disagreement did not hinder both side from keep negotiating with each other on a deal. A delegations from the Greek Brussels Team flew to Brussels on Monday and had reportedly met with EC Commissioner Pierre Moscovici.

Meanwhile, the is media talk about a bailout program extension until March 2016.

Greece and its international creditors are discussing an extension of the country’s bailout program through to March 2016, according to a report by the Wall Street Journal (WSJ).

The reported offer to prolong the program (which was already extended in February by four months) is an attempt to break the current impasse over reforms between Greece and its creditors, and avert a Greek default, the WSJ said Monday, citing unnamed sources familiar with the talks. (via CNBC)

In G7 Summit in German Elmau, US President Barack Obama urged Greece to start implementing reforms and creditors to be more flexible.

PS Main thing is that Creditors agree on what are “reforms”. Fiscal cuts or real structural reforms? So far, they insist on the first targeting pure expenses cuts and money collection and ignore changes that would really help the country.


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